Provident Financial Services (NYSE:PFS) Posts Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Provident Financial Services (NYSE:PFS) announced its quarterly earnings data on Thursday. The savings and loans company reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.03, Briefing.com reports. The company had revenue of $114.48 million during the quarter, compared to analyst estimates of $114.50 million. Provident Financial Services had a net margin of 18.46% and a return on equity of 7.88%. During the same period in the previous year, the business earned $0.54 EPS. The firm’s revenue for the quarter was down 12.3% on a year-over-year basis.

Provident Financial Services Stock Down 1.5 %

Provident Financial Services stock opened at $13.55 on Friday. The stock has a market cap of $1.02 billion, a PE ratio of 8.04 and a beta of 1.07. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.07 and a current ratio of 1.07. The stock has a fifty day moving average of $14.78 and a 200 day moving average of $15.65. Provident Financial Services has a one year low of $13.22 and a one year high of $19.62.

Provident Financial Services Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 23rd. Investors of record on Friday, February 9th were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 7.08%. The ex-dividend date was Thursday, February 8th. Provident Financial Services’s payout ratio is currently 56.14%.

Insiders Place Their Bets

In other news, Director Robert Mcnerney sold 5,000 shares of the company’s stock in a transaction dated Tuesday, January 30th. The shares were sold at an average price of $17.86, for a total transaction of $89,300.00. Following the completion of the sale, the director now owns 9,475 shares of the company’s stock, valued at approximately $169,223.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 4.29% of the company’s stock.

Institutional Investors Weigh In On Provident Financial Services

A number of hedge funds have recently modified their holdings of the business. Federated Hermes Inc. lifted its position in Provident Financial Services by 132.8% during the third quarter. Federated Hermes Inc. now owns 1,867 shares of the savings and loans company’s stock valued at $36,000 after purchasing an additional 1,065 shares in the last quarter. Advisor Group Holdings Inc. lifted its position in shares of Provident Financial Services by 35.7% during the 1st quarter. Advisor Group Holdings Inc. now owns 1,785 shares of the savings and loans company’s stock valued at $42,000 after buying an additional 470 shares in the last quarter. Point72 Europe London LLP bought a new position in shares of Provident Financial Services during the 4th quarter valued at approximately $43,000. Point72 Middle East FZE purchased a new stake in Provident Financial Services in the 4th quarter worth approximately $43,000. Finally, First Manhattan Co. raised its stake in Provident Financial Services by 106.8% during the 4th quarter. First Manhattan Co. now owns 2,130 shares of the savings and loans company’s stock worth $45,000 after acquiring an additional 1,100 shares during the period. Institutional investors own 71.97% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Keefe, Bruyette & Woods reduced their target price on Provident Financial Services from $20.00 to $17.00 and set a “market perform” rating for the company in a report on Tuesday, March 26th. TheStreet downgraded Provident Financial Services from a “b-” rating to a “c+” rating in a report on Wednesday, March 13th. DA Davidson decreased their target price on Provident Financial Services from $17.00 to $15.00 and set a “neutral” rating for the company in a research report on Thursday, March 28th. Finally, Royal Bank of Canada dropped their price target on shares of Provident Financial Services from $19.00 to $18.00 and set an “outperform” rating on the stock in a report on Tuesday, April 9th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $17.50.

Provident Financial Services Company Profile

Provident Financial Services, Inc operates as the bank holding company for Provident Bank that provides various banking products and services to individuals, families, and businesses in the United States. Its deposit products include savings, checking, interest-bearing checking, money market deposit, and certificate of deposit accounts, as well as IRA products.